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Question - Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 20%. Ron contributed land with an FMV of $70,000 and an adjusted basis of $20,000. The corporation also assumed a $30,000 liability on the property. David contributed land with an FMV of $30,000 and an adjusted basis of $15,000. David also contributed $10,000 in cash. Mary received her stock for services rendered. She normally would bill $20,000 for these services. What is Ron's taxable gain as a result of this transaction?
a. $0
b. $10,000
c. $15,000
d. $20,000
Requirement 2: Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory
Zio Pty Ltd (Zio) was registered in 2006. Angus and Max are its only shareholders and directors. Zio's constitution provides that Clare is to be Zio's solicitor. Clare is Max's wife, but after marriage difficulties they have recently separated.
Pass the necessary Journal entries and prepare T account of Work-In-Process.
What was total ordinary share divided for the year? Retained earnings were $45000 on 1 Sep 2016. These had increased to $75000 on 31/8/2016
ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia.
Miller Company's total sales are 120,000. What is the total manufacturing cost? What is the total variable selling and admin cost
Noah bought a machine for $175,000, depreciated it $27,786, and sold it for $259,100. What is the tax Noah will pay on the sale of the machine
Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, Prepare journal entries for sale of treasury stock for cash
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance
The balance in the prepaid insurance account, before adjustment at the end of the year, is $11,500. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a quantity is measured 8 times with the following results 15.653 15.642 15.684 15.629 15.637 15.671 15.658 and 15.663
What is the average number of units in inventory based upon ordering 250 units each time an order is placed?
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